Posted on 11/30/2010 9:17:26 AM PST by US Navy Vet
NEW YORK (AP) -- More than 8 million consumers stopped using credit cards over the past year. The decline stems from a combination of consumer choices and bank actions.
An analysis by credit reporting agency TransUnion found that use of general purpose credit cards bearing MasterCard or Visa logos, or issued by Discover or American Express, fell more than 11 percent in the third quarter, compared with the July to September period last year.
(Excerpt) Read more at finance.yahoo.com ...
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I’m betting there was a lot of consolidation to avoid all the new damn fees.
My Boss thinks I am insane for not having a Credit Card, Thanks to Dave Ramsey we cut them all up years ago.
Remember
We don’t need them, they need us.
That’s my plan. I have two credit cards and both are maxed out. Both will be paid off this February and I will keep only one. After that my wife and I will begin seriously saving money. Not too sure if we should trust the banks and credit unions or if stuffing a mattress would be safer at this point.
Related: http://finance.yahoo.com/news/Kardashians-sisters-want-out-apf-3029708762.html?x=0
posted earlier:
http://www.freerepublic.com/focus/f-bloggers/2634917/posts
People are waking up finally. They see how difficult it is when the country is in debt and don’t want to have their own families suffer.
Yes...I don’t use the plastic any longer, am paying it down as rapidly as possible, and wouldn’t have any on the books at all except you can no longer move plastic debt into home equity loans due to the crash in home valuations.
I think this decline, real yet not really as swift a downward run as it could be, is indicative of many reducing debt by choice and some being forced to reduce by the lowering of credit lines.
Credit card use doesn’t cause debt any more than gun ownership causes murder.
I use credit cards as a convenience and do not maintain a balance. People who use them to borrow money probably should not have them.
This along with casino gambling.
I think people have become educated in the math.
Entertainment is still a draw. Sports, movies, food, comedy and music live on.
The idea that slowly grinding money away in a gambling hall is fun; has withered.
Yeah, the banks acted to increase interest rates on card balances and the consumers chose to stop using them.
Extremely impractical if one travels a lot. It’s very hard to rent a car without a credit card and you would get very funny looks at a ticket counter if you wanted to purchase an airline ticket with cash.
If everybody used card like we do the banks would probably go under or at least they’d be thinking about whether they even wanted to bother with credit cards.
I travel a lot, no credit card. I rent cars, I get plane tickets, I shop online, no credit card needed.
I decided to evaluate what was more important, and the credit cards lost hands down. I have made it a point to remove them from my life.
Wife and I are. I am paying off every account we have. Halfway through my list and on the way to ‘basically’ debt free by May or June.
I say basically in that I will still have my Mortgage payment and a car payment, but all loans/credit card accounts will be paid off.
Good for you.
Get a debit card. Problem solved
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